North Carolina Down Payment Assistance Programs

Payments Gateway - These systems are the Down Payment Assistance Program and also the Mortgage Credit Certificate.

You buy a property and December 1, 2009 and should you meet the requirements for one of these programs, you can even be eligible for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a first-time Home Buyer someone who has not owned a home in the previous three years. It is exactly the same qualifying definition.

A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with low and moderate incomes.

You can claim 20% of the interest you pay on your mortgage as a credit on your federal income taxes, if you are eligible for the MCC. You are able to save as much as .

You may manage to join this if you do qualify for 2009, for the MCC. This could reduce a buyer's tax liability .

Who qualifies for an MCC is based on the price of the home as well as your income you are buying. Household income means the “gross income of the mortgagor and any other man anticipated to reside in the dwelling who is 18 years of age or older.”

House price limits that apply in Orange, Durham and Chatham Counties and the income are given below.

MCC Income Limits 1 Individual $61,500 2 Persons $61,500 3 Persons $70,500 4 Men $70,500

MCC Sales Cost Limits New Home $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The purchaser just needs to pay and the load would pay as much as $8,000 of the remaining balance.

This plan has stricter income limitations than the MCC program outlined above. Like the MCC application, it can be used in combination with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment help, however, cannot be utilized in conjunction together with the MCC. This is an either or situation.

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Man $39,950 2 Persons $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing House $210,000